<PAGE>

                                                                      Exhibit 11


                             INTERCO INCORPORATED
          STATEMENT RE COMPUTATION OF NET EARNINGS PER COMMON SHARE
          ---------------------------------------------------------
<TABLE> 
<CAPTION> 
                                                                              Year                    Year                    Year
                                                                             Ended                   Ended                   Ended
                                                                      December 31,            December 31,            December 31,
                                                                              1995                    1994                    1993
 Primary:                                                             ------------            ------------            ------------
 <S>                                                                    <C>                     <C>                     <C> 
    Weighted average common shares outstanding during the
      period....................................................        50,114,034              50,035,868              50,001,110
    Common shares issuable on exercise of stock options (1).....           524,545                 789,958                 850,349
    Common shares issuable on exercise of warrants (2)..........               -                   669,006                 523,991
    Weighted average common and common equivalent shares                ----------              ----------              ----------
      outstanding for primary calculation.......................        50,638,579              51,494,832              51,375,450
                                                                        ==========              ==========              ==========
 Fully diluted:
    Weighted average common and common equivalent shares
      outstanding for primary calculation.......................        50,638,579              51,494,832              51,375,450
    Common shares issuable on exercise of stock options (3).....           242,985                  11,519                  21,216 
    Common shares issuable on exercise of warrants (4)..........         1,435,163                     -                       -
    Weighted average common and common equivalent shares                ----------              ----------              ----------
      outstanding for fully diluted calculation.................        52,316,727              51,506,351              51,396,666
                                                                        ==========              ==========              ==========
 
</TABLE> 

<PAGE>
 
                             INTERCO INCORPORATED

      NOTES TO STATEMENT RE COMPUTATION OF NET EARNINGS PER COMMON SHARE


(1)  Includes common stock options, the exercise of which would result in
     dilution of net earnings per common share. Such common stock options have
     been considered as exercised and the proceeds therefrom were used to
     purchase common stock at the average common stock market price, if the
     average common stock market price was higher than the common stock option
     exercise price during the period.

(2)  Includes common stock warrants, the exercise of which would result in
     dilution of net earnings per common share. Such common stock warrants have
     been considered as exercised and the proceeds therefrom were used to
     purchase common stock at the average common stock market price, if the
     average common stock market price was higher than the common stock warrant
     exercise price during the period.

(3)  Additional common shares issuable resulting from the application of the
     same principles described in Note (i), except that the proceeds from
     assumed common stock options exercised were used to purchase common stock
     at the month end common stock market price, if the month end common stock
     market price was higher than the average common stock market price during
     the period.

(4)  Additional common shares issuable resulting from the application of the
     same principles described in Noter (2), except that the proceeds from
     assumed common stock warrants exercised were used to purchase common stock
     at the month end common stock market price, if the month end common stock
     market price was higher than the average common stock market price during
     the period.